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Question
A page of Passbook of Mrs. C. Malik Savings Bank Account in year 2002 is given below:
| Date Year 2002 | Particulars | Amount Withdrawn (in ₹) |
Amount Deposited (in ₹) |
Balance (in ₹) |
| Jan. 1 | By Balance | - | - | 2,100·00 |
| Jan. 7 | By Cash | - | 1,000·00 | 3,100·00 |
| Feb. 1 | By Cash | - | 500·00 | 3,600·00 |
| Feb. 15 | To Cheque | 2,000·00 | - | 1,600·00 |
| March 15 | By Cash | - | 2,000·00 | 3,600·00 |
| March 20 | To Cheque | 1,000·00 | - | 2,600·00 |
| June 12 | By Cash | - | 3,000·00 | 5,600·00 |
| June 28 | To Cheque | 1,000·00 | - | 4,600·00 |
| Oct. 15 | To Cheque | 3,000·00 | - | 4,600·00 |
| Nov. 5 | By Cash | - | 1,500·00 | 3,100·00 |
| Dec. 10 | By Cash | - | 500·00 | 3,600·00 |
| Dec. 20 | To Cheque | 1,000·00 | - | 2,600·00 |
If the rate of interest decreases from 5% to 4% with effect from June 1st, 2002, compute the interest at the end of the year.
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Solution
As per entries of the Passbook page of Mrs. C. Malik, we have:
| Month | Minimum Balance between 10th day and the last day (in ₹) |
Qualifying Amount for interest (in ₹) |
| Jan. | 3,100 | 3,100 |
| Feb. | `{:(1600),(1600):}}` | 3,200 |
| March | ||
| April | `{:(2600),(2600):}}` | 5,200 |
| May | ||
| June | 2,600 | 2,600 |
| July | `{:(4600),(4600),(4600):}}` | 13,800 |
| Aug. | ||
| Sept. | ||
| Oct. | 1,600 | 1,600 |
| Nov. | 3,100 | 3,100 |
| Dec. | 2,600 | 2,600 |
Qualifying amount for interest at the rate of 5 % = ₹ 11,500. .....(from January to May)
∴ Interest = ₹`(11,500 xx 5 xx 1)/(100 xx 12) = ₹ 47.92`
Qualifying amount for interest at the rate of 4% = ₹ 23,700. ...(from June to December)
∴ Interest = ₹`(23,700 xx 4 xx 1)/(100 xx 12) = ₹ 79`
∴ Interest at the end of the year = ₹ 47.92 + ₹ 79 = ₹ 126.92
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| Date | Particulars | Amount Withdrawn (Dr) Rs P | Amount Deposits (Cr) Rs. P | Balance Rs. P |
| Feb 13 | By Cash | 500.00 | 500.00 | |
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Akash, an employee of a bank, has a saving bank account in his bank that pays him
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| Date | Particulars | Withdrawals(₹) | Deposits(₹) | Balance(₹) |
| Feb. 3, 1981 | By cash | - | 500·00 | 500·00 |
| Feb, 11 | To cheque no. 371 | 200·00 | - | 300·00 |
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| March 1 | By salary | - | 2,350·00 | 3,350·00 |
| March 4 | To withdrawals slip | 1,500·00 | - | 1,850·00 |
| March 31 | To Urnil | 150·00 | - | 1,700·00 |
| April 1 | By salary | - | 2.350·00 | 4,050·00 |
| April 2 | To Sri Ram | 1,800·00 | - | 2,250·00 |
| May 1 | By salary | - | 2,350·00 | 4,600·00 |
| May 3 | To accountant | 2,000·00 | - | 2,600·00 |
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| Date | Particulars | Withdrawals (₹) |
Deposits (₹) |
Balance (₹) |
| 01-01-05 | B/F | - | - | 1,200·00 |
| 07-01-05 | By cash | 500·00 | 1,700·00 | |
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| 10-02-05 | By cash | - | 800·00 | 2,100·00 |
| 25-09-05 | By cheque | 500·00 | - | 1,600·00 |
| 20-09-05 | By cash | - | 700·00 | 2,300·00 |
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If Mr. Ashok gets Rs. 83.75 as interest at the end of the year where the interest is compounded annually, calculate the rate of interest paid by the bank in his Savings Bank Account on 31st December 2005.
